The invention provides a built-in standard clock and an intelligent electric energy meter of a GPS time receiving system and a method thereof, wherein the intelligent electric energy meter comprises a front plate and a box body; the front plate also comprises a display screen, a mounting hole and a power source key; the tail portion of the box body is also provided with an R232 interface, a Bluetooth receiving device, a 1HZ output port, a 50k output port, a 500k output port and a power lead; the top portion of the box body is also provided with a cooling area; the cooling area also comprises cooling holes; and a 3 * 10-8Hz standard crystal oscillator and a Bluetooth GPS module are also set inside the box body. According to the invention, the 3 * 10-8Hz standard crystal oscillator and the Bluetooth GPS module are adopted to realize a standard clock and a GPS time receiving system special for a testing device; under the normal situation of the GPS aiming to the satellite, the system automatically receives time; the system itself is provided with a time system; under the abnormal situation of the GPS aiming to the satellite, the time of the system can be used to receive time with independent date and a time display system; the Bluetooth and the working state of the GPS are displayed clearly; the precise standard clock impulse can output 500 kHz and 1Hz; the module is designed separately, thus inspection in measurement is convenient.